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Oil & Gas Chemical

Updated: investinchina.chinadaily.com.cn
[Photo/IC]

I. Current Status

Hainan has formed a complete oil and gas industry chain integrating exploration, development, processing, warehousing, pipeline transportation, and sales. Yangpu has developed 10 million tons of oil refining, 10 million cubic meters of oil and gas reserves, aromatic hydrocarbons, and polyester industries and chain, crude oil, refined oil, port logistics and other supporting industries, while Dongfang Port Industrial Park has developed chain industries including natural gas, the methanol industry, and the fine chemical industry.

II. Development Advantages

Resources

There is a vast sea area with abundant natural gas and oil resources, accounting for more than a third of the total reserves of the country.

Location

Hainan owns the petrochemical and oil and gas reserve bases closest to both the South China Sea oil and gas resources and the Middle East petroleum resources.

It covers the two major petrochemical product markets around the Northern Gulf and ASEAN.

Policies

Enterprises and individuals can enjoy the numerous preferential policies of Hainan Free Trade Port.

Value-added rules for processing and other free trade port policies are being piloted in Yangpu.

III. Development Direction

(1) Oil and gas exploration

(2) Oil and gas refining

(3) Fine Chemicals

(4) New materials

(5) Oil and gas reserves

IV. New Opportunities for FTP Investment

(1) The "downstream" of the oil and gas chemical industry chain has broad development potential.

The 1 million ton ethylene project in Yangpu is under construction. New oil refining and ethylene projects are being planned, bringing a lot of investment opportunities to the downstream industry.

(2) Well-known overseas companies are encouraged to participate in the exploration and development of oil and gas resources in the South China Sea.

Oil and gas exploration and development no longer has to be carried out through a revenue sharing contract with a company who has obtained the foreign cooperation approval from the Chinese government, since such a limitation has been removed.

(3) Imported oil and gas exploration and chemical production equipment are exempt from tax.

Exemption of import tariffs, import value-added tax and consumption tax on imported production equipment for self-use will effectively reduce enterprises' production costs.

V. Recommended Industrial Parks

(1)Dongfang Industrial Park

(2)Yangpu Economic Development Zone

VI. Successful Enterprises

(1) Hainan Weite electric Group Co Ltd

(2) Hainan Ruize Co Ltd

(3) Hainan Handi Sunshine Petrochemical Co Ltd

(4) Electricite de France (foreign capital)

(5) Royal Dutch Shell PLC (foreign capital)

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